NPLs declined to 15.7% in August 2026

In August 2026, the Bank of Ghana reported that non-performing loans (NPLs) had declined to a rate of 15.7%. This positive trend was reflected in confidence surveys conducted by the bank, which indicated favorable conditions among consumers and businesses. The stable macroeconomic environment and optimism about growth prospects were cited as key factors contributing to this outlook.

The Central Bank's Composite Index of Economic Activity (CIEA) showed a robust annual growth rate of 14.9% in July 2026, up significantly from the 6.1% recorded in the same month a year prior. This growth was attributed to factors such as increased credit to the private sector, active international trade, and rising consumption of goods and services.

While headline inflation climbed to 5.0% in August 2026, up from 4.6% in the previous month, driven by non-food inflation, it remained below the bank's target range of 8 ± 2%. Non-food inflation was specifically driven by utility tariff hikes and higher crude oil prices, although food inflation remained low, decreasing slightly to 3.0% from 3.1% in July due to improved food supply conditions.